Soleno Therapeutics (NASDAQ:SLNO) Sets New 1-Year High After Analyst Upgrade

Soleno Therapeutics, Inc. (NASDAQ:SLNO) hit a new 52-week high on Thursday after Laidlaw raised their price target on the stock from $75.00 to $105.00. Laidlaw currently has a buy rating on the stock. Soleno Therapeutics traded as high as $70.20 and last traded at $67.31, with a volume of 2375198 shares trading hands. The stock had previously closed at $48.97.

A number of other research firms also recently issued reports on SLNO. Stifel Nicolaus initiated coverage on shares of Soleno Therapeutics in a report on Wednesday, March 5th. They set a “buy” rating and a $74.00 price objective on the stock. Robert W. Baird upped their target price on Soleno Therapeutics from $72.00 to $102.00 and gave the company an “outperform” rating in a report on Thursday. Lifesci Capital raised Soleno Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 4th. Cantor Fitzgerald raised their target price on Soleno Therapeutics from $67.00 to $123.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, HC Wainwright reissued a “buy” rating and issued a $70.00 price target on shares of Soleno Therapeutics in a report on Monday, March 3rd. Six analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $91.17.

Insider Activity

In other news, CEO Bhatnagar Anish sold 10,937 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $45.41, for a total value of $496,649.17. Following the completion of the transaction, the chief executive officer now directly owns 708,616 shares of the company’s stock, valued at $32,178,252.56. This trade represents a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James H. Mackaness sold 4,083 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $45.41, for a total transaction of $185,409.03. Following the sale, the chief financial officer now directly owns 115,089 shares in the company, valued at $5,226,191.49. This trade represents a 3.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,360 shares of company stock valued at $790,119 in the last 90 days. Insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Soleno Therapeutics

Several hedge funds have recently bought and sold shares of SLNO. AlphaQuest LLC boosted its holdings in shares of Soleno Therapeutics by 1,154.4% in the 4th quarter. AlphaQuest LLC now owns 715 shares of the company’s stock worth $32,000 after purchasing an additional 658 shares in the last quarter. US Bancorp DE bought a new position in Soleno Therapeutics in the 4th quarter worth $34,000. Avanza Fonder AB purchased a new stake in Soleno Therapeutics in the fourth quarter worth about $76,000. Springhill Fund Asset Management HK Co Ltd purchased a new position in shares of Soleno Therapeutics in the 4th quarter valued at approximately $81,000. Finally, Avior Wealth Management LLC bought a new stake in shares of Soleno Therapeutics during the 4th quarter valued at $89,000. 97.42% of the stock is currently owned by institutional investors.

Soleno Therapeutics Price Performance

The firm has a market cap of $3.09 billion, a P/E ratio of -20.30 and a beta of -1.70. The firm’s 50 day moving average is $48.44 and its 200 day moving average is $49.90.

Soleno Therapeutics (NASDAQ:SLNO) last issued its earnings results on Wednesday, March 5th. The company reported ($1.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.41). As a group, analysts expect that Soleno Therapeutics, Inc. will post -3.72 EPS for the current year.

About Soleno Therapeutics

Soleno Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of novel therapeutics for the treatment of rare diseases. Its lead candidate is Diazoxide Choline Extended-Release tablets, a once-daily oral tablet, which is in Phase III clinical trials for the treatment of Prader-Willi Syndrome.